In 2011, the agricultural biotechnology market was valued at $13.7 billion in 2011 and is estimated to hit $14.4 billion by the end of 2012, according to a new report from Companies and Markets (C&M).

Growing at a compound annual growth rate (CAGR) of 11.4%, the agricultural biotechnology market has been estimated to reach a market value of $24.8 billion by 2017.

Growth within the agricultural biotechnology market is set to be driven by improving economic conditions, increased availability of funding for R&D, and favourable government initiatives.

Modern agricultural biotechnology includes a range of tools that scientists employ to understand and manipulate the genetic make-up of organisms for use in the production or processing of agricultural products.

The U.S. is by far the largest agricultural biotechnology market in the world and was predicted to cross $5 billion by 2010. Asia-Pacific represents the fastest growing agricultural biotechnology market in the world and is projected to expand at a CAGR of over 14% through to 2015.

Transgenic seeds make up the bulk of the agricultural biotechnology market, with a global value of $13.5 billion in 2011. This market is expected to reach $14.1 billion in 2012 and is forecast to reach $20.4 billion by 2017, growing at a CAGR of 7.6%.

The synthetic biology-enabled products market was $192.7 million in 2011 and is expected to reach $199.8 million in 2012. This market is further projected to reach nearly $3.9 billion by 2017, a CAGR of 81% for the five year period.

Key players within the global agricultural biotechnology market include Bayer CropScience AG, Certis USA, Dow AgroSciences LLC, Emerald BioAgriculture Corporation, Makhteshim-Agan Industries Ltd., Monsanto Company, Mycogen Seeds, Performance Plants Inc., Pioneer Hi-Bred International, and Syngenta International AG.